Global Risks

Top 10 National and Global Risks

The Institute of Risk Management of South Africa (IRMSA) recently produced a report that represents an evaluation of the top risks over a two-year time horizon through several workshops at IRMSA conferences and a survey of 620 of the countryís foremost risk management experts. The risk management fraternity respondents represent every major industry within the public and private sectors.

What makes this exercise different is that the respondents who assessed the risks covered in the report are responsible for proactively managing these risks in their own organisations on a daily basis. A greater understanding of the risks in this regard should lead to a more accurate evaluation of the risks in the South African environment. The report is created within the context of the latest World Economic Forumís (WEF) Global Risks report, which examined 31 global risks in five categories, namely economic, environmental, geopolitical, societal and technological risks.

The below tables show the prioritisation of the top ten South African IRMSA) and Global (World Economic Forum} risks for 2015, which were evaluated in the surveys as having the highest perceived likelihood and potential consequence over the next two years.

IRMSA's top 10 South African risks for 2015 by LIKELIHOOD

The World Economic Forum's top 10 global risks for 2015 by LIKELIHOOD

1. Increasing corruption

1. Interstate conflict

2. Unemployment

2. Extreme weather events

3. Shortfall of critical infrastructure

3. Failure of national governance

4. Political and social instability

4. State collapse or crisis

5. Organised crime

5. Unemployment or underemployment

6. Cyber attacks

6. Natural catastrophes

7. Failure of financial mechanisms

7. Failure of climate change adaptation

8. Severe income disparity

8. Water crises

9. Urbanisation

9. Data fraud or theft

10. Data fraud/ theft

10. Cyber attacks

IRMSA's top 10 South African risks for 2015 by CONSEQUENCE

The World Economic Forum's top 10 global risks for 2015 by CONSEQUENCE

1. Increasing corruption

1. Water crises

2. Governance failure

2. Spread of infectious diseases

3. Unemployment

3. Weapons of mass destruction

4. Infrastructure and networks breakdown

4. Interstate conflict

5. Critical infrastructure failure

5. Failure of climate change adaptation

6. Fiscal crisis in key economics

6. Energy price shock

7. Failure of financial mechanisms

7. Critical information infrastructure breakdown

8. Economic and resource nationalisation

8. Fiscal crises

9. Cyber attacks

9. Unemployment or underemployment

10. Severe income disparity

10. Biodiversity loss and ecosystem collapse

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